How to Stop a Sheriff’s Sale in Philadelphia

Suppose you just received notice of an upcoming sheriff’s sale of your property to satisfy outstanding debt. What should you do? Instead of panicking, call our attorneys to learn how to stop a sheriff’s sale through bankruptcy.

One of the easiest ways to stop a sheriff’s sale in Philadelphia is to file for bankruptcy. Once you do, an automatic stay will go into effect, stopping creditors’ debt-collection efforts, including a sheriff’s sale. If you file for Chapter 13 bankruptcy, your property will be unaffected. Depending on your income, you may have to file for Chapter 7 bankruptcy, which involves liquidating certain assets. This is different from a sheriff’s sale in that some assets, like your home, might be protected from liquidation. In order to stop a sheriff’s sale and regain your financial stability, call our lawyers in Philadelphia.

We’re here to help debtors in Philadelphia get back on their feet. For a free case evaluation with the Philadelphia bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (215) 701-6519.

How Can Filing for Bankruptcy in Philadelphia Stop a Sheriff’s Sale?

If you are in considerable debt and your creditors want payment right away, you might be notified of an impending sheriff’s sale. Stopping a sheriff’s sale is important so that you don’t lose ownership of real estate and personal property and can have a say in how you repay your creditors. But how can you stop a sheriff’s sale in Philadelphia? The answer may be to file for bankruptcy.

Automatic Stay

When you file for bankruptcy in Philadelphia, an automatic stay will go into effect. This prevents any creditors you have from contacting you for payment and can put a stop to an upcoming sheriff’s sale. Automatic stays are typically immediate unless you have filed for bankruptcy several times in the last few years. Automatics stays can provide immediate relief for debtors, giving them time to work with our Pennsylvania bankruptcy lawyers and devise a plan to move forward. You can typically benefit from an automatic stay and stop a sheriff’s sale as soon as you file for bankruptcy in Philadelphia.

Repayment Plan

When you file for Chapter 13 bankruptcy, you can stop a sheriff’s sale and retain your assets. Chapter 13 bankruptcy works through a repayment plan. As soon as you file, our Easton, PA bankruptcy lawyers will devise a repayment plan that enables you to pay back creditors according to your income and a payment schedule.

In order to be eligible to file for Chapter 13 bankruptcy in Philadelphia, you must pass a means test. Essentially, you have to earn enough income to meet the scheduled payments of your plan. If you’re interested in stopping a sheriff’s sale by filing for Chapter 13 bankruptcy but are unsure if you meet the criteria, reach out to our attorneys for clarification.

Stopping a Sheriff’s Sale with Liquidation Bankruptcy in Philadelphia

In a sheriff’s sale, Philadelphia law enforcement officials auction off repossessed properties to satisfy debts. When this happens, debtors in Philadelphia might understandably feel as though they have no control over their assets and how they pay back creditors. This is different from liquidation bankruptcy, also known as Chapter 7 bankruptcy which can help you satisfy your debts in Philadelphia.

Initially, debtors might think that sheriff’s sales and liquidation bankruptcies are the same. In reality, that’s not the case. When a sheriff’s sale occurs, a debtor’s property may be repossessed and auctioned off. When a debtor chooses to stop a sheriff’s sale and file for Chapter 7 bankruptcy, certain assets will be liquidated to pay back debts to credits. When you choose this route, our Bensalem bankruptcy lawyers can help you retain agency so you are involved in the repayment process. In addition, our attorneys can help you keep certain assets that might otherwise be auctioned off in a sheriff’s sale, such as your home.

So, while they might seem similar, sheriff’s sales and liquidation bankruptcies are, in fact, very different. Filing for Chapter 7 bankruptcy can help you keep ownership of certain assets while you satisfy your debts and be a much less violating and emotionally difficult process than a sheriff’s sale.

Why Should You Stop a Sheriff’s Sale in Philadelphia?

After being notified of an impending sheriff’s sale in Philadelphia, you should contact our attorneys to stop it. If you don’t, you might lose certain assets, like your home. So, act quickly and call our lawyers immediately after learning of an impending sheriff’s sale.

You don’t have much time to act after being notified of a sheriff’s sale. Though they may be aware of the possibility sheriff’s sale when a creditor approaches the court, debtors in Pennsylvania are typically only given a six-day notice of an upcoming sheriff’s sale. This isn’t a lot of time for debtors to get their affairs in order or even attempt to pay back outstanding debts that caused a sheriff’s sale. Because of this, it is important to contact our attorneys immediately. A sheriff’s sale might continue if you don’t reach out to our Levittown bankruptcy lawyers right away.

When you call our lawyers, we can explain your options. Apart from immediately paying off all of your debts, filing for bankruptcy may be the best way to put an end to a sheriff’s sale. If you don’t act quickly enough and fail to file for bankruptcy immediately, you might lose certain assets which can be protected from liquidation in Chapter 7 bankruptcy using federal exemptions or Pennsylvania’s wildcard exemption, such as your home.

This is less than ideal, especially for debtors with families and others relying on them. Contact our attorneys about filing for bankruptcy in Philadelphia to put a stop to a sheriff’s sale and regain your financial stability.

Call Our Philadelphia Lawyers About Filing for Bankruptcy Today

If you’re facing a sheriff’s sale and need to file for bankruptcy to stop it, our attorneys can help. For a free case evaluation with the Upper Darby bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (215) 701-6519.